Key regions: Philippines, South Korea, Canada, Japan, China
The Confectionery & Snacks market in the EAEU region has seen a moderate growth rate, influenced by factors such as changing consumer preferences, increasing health consciousness, and competition from healthier snack options. Despite the subdued growth, the market is expected to continue expanding due to the convenience and indulgence offered by these products.
Customer preferences: As health and wellness continue to be a top priority for consumers, there has been a noticeable shift towards healthier snack options within the Confectionery & Snacks Market. This trend is driven by the growing demand for plant-based and clean label products, reflecting a more health-conscious and environmentally aware consumer base. Additionally, there has been a rise in demand for functional snacks that offer added nutritional benefits, such as protein bars and energy bites. This shift towards healthier snacking options is likely to continue as consumers become more health-conscious and seek out products with better-for-you ingredients.
Trends in the market: In the EAEU, the Confectionery & Snacks Market within The Food market is seeing a rise in demand for healthier alternatives due to increasing health consciousness among consumers. This trend is expected to continue as consumers become more educated about the negative effects of excessive sugar and processed ingredients. As a result, there is a growing market for healthier snack options such as plant-based and natural ingredients. This shift is significant for industry stakeholders as it presents opportunities for innovation and product diversification to cater to the changing consumer preferences. Additionally, this trend may also have implications for traditional confectionery and snack companies, as they may need to adapt their product offerings to remain competitive in the market.
Local special circumstances: In the EAEU region, the Confectionery & Snacks Market within The Food market is influenced by the diverse cultures and preferences of the member countries. For example, Russia's long-standing love for sweets and Kazakhstan's traditional nomadic diet both contribute to the demand for confectionery and snacks. Additionally, the EAEU's strict food safety regulations and import restrictions play a significant role in shaping the market landscape. This creates a unique dynamic that sets the EAEU Confectionery & Snacks Market apart from other markets globally.
Underlying macroeconomic factors: The Confectionery & Snacks Market within The Food market is influenced by macroeconomic factors such as consumer spending power, economic growth, and government policies. Countries with stable economic conditions and rising disposable incomes are experiencing higher demand for confectionery and snack products. Moreover, favorable government policies and investments in the food industry are contributing to the growth of the market. Additionally, the growing trend of on-the-go snacking and the increasing popularity of healthy and organic snacks are also driving market growth.
Data coverage:
The data encompasses B2C enterprises. Figures are based on the total consumer spending on food, which comprises all private household spending on food that is meant for at-home consumption (out-of-home consumption is not accounted for).Modeling approach:
Market sizes are determined through a top-down approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use resources from the Statista platform as well as in-house market research, national statistical offices, international institutions, trade associations, companies, the trade press, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, and consumer price index. This data helps us estimate the market size for each country individually.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the exponential trend smoothing is well suited for forecasting the Food market with a projected steady growth. The main drivers are GDP per capita and consumer spending per capita.Additional notes:
The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.
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